Solar Panel Cost Guide in Franklin Park, IL (Sep 2022)

  • Franklin Park Solar Installation Cost: $12,211
  • 25-Year Savings: $10,400
  • Payback Period: 13.5 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Franklin Park

Let's have a look at the average cost of solar panels in Franklin Park.

The national average cost of solar panels is $2.66 per watt, but in Franklin Park it's $3 per watt. The average solar panel system size in Franklin Park is around 6.4 kilowatts, meaning a cost of about $12,211 for a solar installation, or $9,036 after the 30% federal solar tax credit is applied.

The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of installing solar panels can vary quite a bit depending on a few factors, such as how many panels you need, your energy usage and what company you go with. Despite the high initial cost, the average Franklin Park homeowner can save around $13,000 on their electricity bills over 20 years, which is one of the benefits of solar.

To get a free quote from a pre-vetted solar installation company in Franklin Park, you can click the button below.

Solar savings over time in Franklin Park

Year Return on Investment
1 years $-11,307
3 years $-9,498
5 years $-7,689
7 years $-5,880
9 years $-4,071
11 years $-2,262
13 years $-453
15 years $1,356
17 years $3,165
19 years $4,974
21 years $6,783
23 years $8,592
25 years $10,400

Top Solar Installers in Franklin Park

Many homeowners choose to use a solar panel installer since trying to put up solar panels yourself can be a lot of work. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.

If you're looking for a solar company in Franklin Park, we've organized a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

See all of the solar companies in Franklin Park

Factors that Affect Solar Panel Costs in Franklin Park

There are many factors that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.

Solar Equipment Size

The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size. Solar power systems with better efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,730. The type of solar panels and equipment you choose is another factor that will substantially affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.

Solar Financing Terms

If paying for solar panels in cash is difficult, solar loans are an affordable route because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years. While solar loans make going solar more accessible for Franklin Park homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

A final factor to consider when trying to figure out the cost of solar for your home or business in Franklin Park is the company you choose to install your PV system. Similar to choosing a company to renovate your kitchen, for example, there are plenty of solar installers that offer a range of services at different price points. The company's size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because of more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $2.84 $11,925 $9,307 14.0 years
8 kW $2.78 $15,594 $12,715 13.8 years
10 kW $2.73 $19,110 $16,276 13.5 years
12 kW $2.68 $22,473 $19,990 13.2 years
14 kW $2.62 $25,684 $23,856 13.0 years
16 kW $2.57 $28,741 $27,876 12.7 years
18 kW $2.51 $31,646 $32,048 12.4 years
20 kW $2.46 $34,398 $36,374 12.2 years

Solar Incentives in Franklin Park

Name Special Assessment for Solar Energy Systems
Incentive Amount Varies
More Info Click here

Name ComEd - Energy Efficiency Program for Residential
Website Visit here
More Info Click here

Name Solar Renewable Energy Credits
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

The solar company you choose will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, including:

  • Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
  • Contract: Before signing a contract with a solar company, make sure to look it over carefully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
  • Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
  • Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running for a long time and save you money on part replacement and repairs.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

EcoWatch's Franklin Park, IL Solar Cost FAQs

What is the average cost of installing solar panels in Franklin Park?

This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.

Can you get solar panels for free in Franklin Park?

A solar panel system isn't free in Franklin Park, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.

Is it worth going solar in Franklin Park?

Solar panels can be a fruitful investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.

How long do solar panels last in Franklin Park?

On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.

Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert’s opinion on the top solar companies featured here, follow this link.

Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.

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